Butte semi-weekly miner., 1887-03-30
oftenest restricts, ham,

and demoralixes commerce ID
fluctuation in the volume of the currency
, or loss of confidence in its stability BY
the commercial public. When it is con
sidered that during the year 1885 about
$25, 900 OOO, 900 OF domestic and ST.
4O0, ,OOO. 900 OF foreign trade was carried
on in the United States with currency oi
gold and silver amounting to about 5000
OOO, 900, and an additional paper cur
rency Of perhaps 5000, ,OOO. 900, it is easy
to perceive the immense influence upon
prices that even slight increase or de-
crease in the volume of that currency must
have. Az an expanding curfeacy has a
tendency to enhance prices and stimulate
enterprise, while contracting currency
brings financial ruin and prostrates COM
merce, it is essential to commercial pros
perity that the volume of the currency be
maintained at something near a fixed
ratio relative to the amount OF commercial
exchanges. Failing this. the industrial
and productive classes, who are also the
principal consumers, are invariably the
greater sufferers from the disturbances
which follow.
In the foregoing brief synopsis I do not
pretend to have presented the subject fully.
hut only to have called attention to a few
of its salient points, in the hope that others
better qualified will continue it's investiga-
ton. To treat the subject exhaustively
would require q volume of considerable
size, and to even present it in intelligible
shape in all its bearings is q work of no
small magnitude. In calling attention to
existing evils and threatened dangers my
readers may consider it incumbent upon
me to point out the manner in which such
evils are to be mitigated or the dangers
averted. One of the ablest of economic
writer's deplores the fact that every writer
who undertakes to enlighten the public on
this subject is afflicted with q remedy"
and I am disposed to consider the matter
in the same light. After studying the vari
GUS authors from Adam Smith to w. Stan |
ley Jevons and writer's Of the present day
and finding them advocating all kinds of
remedies from the confscation by the State |
of lands, railroads and telegraph lines,
(which is commuhism) to the abrogation
of all laws Of every kind, (which is
anarchism) one can not help
feeling that the most urgent need is for pa
tient, intelligent investigation. Ignorance
in regard to the subject of economics is by
no means confined to labor reform fanat-
les. Nothing will more readily convince
one of this fact than to read the testimony
Of leading bankers and others before the
committees appointed from time to time
oy Parliament to investigate and report
lpon the financial affairs OF Great Britain
md the Bank of England. The contradic-
;ory views expressed by these witnesses
'ender it certain that some. at any rate, OF
he leading bankers are as innocent of any
OF the actual principle underly-
ng the science of social economy as any
ag-picker in London. For long time
'ast nearly all legislation having any
'earing on the subject has been in the in
crest of capitalism. Whenever there has +
een departure from this rule, the ten
ency has been toward governmental ,
ontrol of dangerous monopolies, {
g witness the acts of the British g
'arliBment relative to the lands in | {
reland and the Interstate Commerce bill
I our own Congress. These acts are rec
gnition of the right of society to interfere r
18th property rights when thought proper, r
nd can see nothing in the nature of the c
ase which aill necessarily limit such leFs-
'tion short Of the making Of the Govern :.
lent sort OF a guardian for all the peo-
lie. For my part am rather inclined to r
gree with Mr.. Herbert Spencer and enter a
lea for individual liberty and against the =
7rrany of the majority. However, feel -
onfident that If the subject be once fairly ).
nderstood by the people, the remedy will "
3 forthcoming.